On Friday, Ryan Petersen, founder of logistics company Flexport, wrote on X, what was formerly known as Twitter, that his company needs to get its "house in order" and consequently would be rescinding 55 offer letters and looking to lease out office space. His statement came two days after he returned to run Flexport, when Dave Clark, Petersen's chosen CEO, suddenly departed after approximately one year in the job.
On Friday, Ryan Petersen, who had recently returned to lead Flexport, announced that the logistics company will be rescinding 55 offer letters and seeking to lease out office space in the U.S. to bring their "house in order". Petersen expressed his regret for those who expected to join the firm and emphasized that the hiring freeze had been in place for months, with the remaining 75 roles being tied to essential projects. Despite this, more than 100 roles remained listed on the Flexport hiring page. Dave Clark, Petersen's successor, was replaced after a year, and his growth strategy was called into question. Petersen highlighted that Flexport had more than $1 billion in net cash, but was far from profitable. Office space for lease were being sought in Dallas, San Francisco, Los Angeles, and New York. The "fuelled solution"—a project that Clark was supposed to launch at a meeting in Seattle with customers—was canceled. Teresa Carlson, a key appointee of Clark's, also left the company. Petersen founded Flexport in 2013, with the goal of revolutionizing the way companies track and manage the supply chain. According to industry experts, inventory and supply chain issues should be reduced by 2024.
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